National Survey Finds Consumers Unaware of the Opportunity to Save Thousands of Dollars by Being Savvy Health Care Shoppers

Published on 15 July 2009 by echealth in General Health Insurance Articles, Health Carrier Information

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EAST COAST HEALTH INSURANCE

Plan for Your Health Can Help Consumers Make Money-Saving Choices During Open Enrollment

HARTFORD, Conn., October 21, 2008 — According to a survey of insured consumers released today by Plan for Your Health, the public education program from Aetna (NYSE: AET) and the Financial Planning Association (FPA), 45 percent of respondents were unaware that they can save money in the coming year by making smart decisions about their health benefits. In these tough economic times, millions of Americans are seeking new ways to reduce household spending, but not enough are taking simple steps like opening a Flexible Spending Account (FSA), using mail-order prescription drug services and tapping into discounts on services like gym memberships.

“For millions of Americans with tighter household budgets this year, fully understanding their options during Open Enrollment will help them make educated, potentially money-saving decisions,” said Laurie Brubaker, head of Integrated Health and Productivity Solutions for Aetna. “During this once a year opportunity to make changes to their health benefits plan, consumers should take the time to review health care spending, and weigh all the available options. By spending some time focusing on health benefits and related expenses, people can make important decisions that can result in savings this year and into the future.”

To help people identify opportunities to save money, Plan for Your Health developed the Be Smart About Your Benefits checklist, located at www.PlanforYourHealth.com, that details five things consumers should think about when evaluating their health benefits at Open Enrollment and throughout the year. By asking the following questions and carefully evaluating the answers, it is possible to make choices that could add up to thousands of dollars of savings:

Am I being FSA-savvy? Take some time to identify your upcoming expenses and determine a realistic FSA contribution. Since money in an FSA is exempt from federal, most state, and payroll taxes, you’ll reduce your taxable income – and be able to use those pre-tax dollars for health care expenses. For example, a pre-tax $2,000 FSA contribution not only gives you money to spend on qualified health care expenses, but would also result in a tax savings of more than $450 for an individual making $25,000 per year. You also might look into other savings vehicles such as Health Reimbursement Arrangements (HRAs) or Health Savings Accounts (HSAs) to see if they make sense for you and your family.
Does it pay to be healthy? It could! Some plans completely or partially cover annual physicals and preventive screenings, as well as offer discounts on gym memberships. Some employers even offer “wellness incentives” that can total hundreds of dollars a year for employees who exercise regularly, eat healthfully or participate in stop smoking programs, among other things. See if you can take advantage of any of these offerings – it’s a great way to save money and stay healthy, and they may be available from your employer or health plan at no charge.
Can my benefits help me save time? Yes! Some insurers offer coverage for online consultations, which are often more convenient than in-person visits for routine health needs. Talk to your doctor or your insurer to find out how to take advantage of online visits. By using them reasonably, you could save gas money and valuable time. Many health insurers also are offering personal health records online that help you track spending, understand what preventive care you might need, and even allow you to coordinate with your doctor’s office.
Can pharmacy mail-order help me? It can if you take regular prescriptions and sign up for a health plan with discounts on mail-order services for routine prescriptions. With some plans, you could get a three-month supply of your drug but only pay for a two-month prescription. So, if your family spends $50 per month on prescriptions, you could save about $200 per year.
Should I go generic? The average brand-name prescription drug costs about $85 more than the average generic. If it’s possible, switch from a brand-name to a generic and save more than $1,000 a year.

“Many people think that medical expenses are beyond their control,” said Tracey Baker, co-author of Navigating Your Health Benefits For Dummies, CERTIFIED FINANCIAL PLANNER^TM professional and former chair of FPA’s National Capital Area. “However, taking the time to make wise decisions – both at Open Enrollment and in daily life – can result in substantial savings.”

According to the recent Plan for Your Health survey of 1,575 insured adults:

Only about a quarter (26 percent) of respondents indicated they are likely to make changes to their benefits during Open Enrollment.
87 percent of respondents are more worried about their finances this year because of the struggling economy, but the majority (59 percent) plan to spend less than one hour, or no time at all, reviewing their health benefits options during Open Enrollment.
One third of respondents (33 percent) have ordered products like clothing and electronics online to save money, but only 19 percent have taken advantage of a mail-order pharmacy this year.
Almost all respondents (93 percent) have taken at least one step to save money on general expenses over the past year, including eating out less often (68 percent), clipping coupons (63 percent) and traveling less frequently (56 percent).

Aetna launched the Plan for Your Health campaign in partnership with the Financial Planning Association in September 2004 to help all Americans make smart health benefits and financial planning decisions at every stage of life. The campaign website, www.PlanforYourHealth.com, offers tips, tools and information to help consumers choose, use and get the most value from their health benefits.

About the Survey
These results are based on a survey conducted by the Opinion Research Corporation (ORC) among a sample of 2,187 U.S. adults, comprising 1,046 men and 1,141 women 18 years of age and older. Among these, 1,575 reported having health insurance and therefore qualified to continue the survey.

The ORC online omnibus study is conducted twice a week among a demographically representative U.S. sample of adults 18 years of age and older using Greenfield Online sample. Interviewing for this survey was completed September 29 – October 3, 2008.

About Aetna
Aetna is one of the nation’s leading diversified health care benefits companies, serving approximately 37.2 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities and health care management services for Medicaid plans. Our customers include employer groups, individuals, college students, part-time and hourly workers, health plans, governmental units, government-sponsored plans, labor groups and expatriates. www.aetna.com

About Plan for Your Health
Plan for Your Health, a public education campaign from Aetna and the Financial Planning Association, gives consumers the information they need to make health benefits and financial choices that meet their needs now and in the future. The Web site focuses on five life events when women need to re-examine their health benefits – career, marriage, family, living single and retirement – and offers consumer-friendly tools, tips and content that support well-informed decision-making. www.PlanforYourHealth.com

About The Financial Planning Association® (FPA®)
FPA is the leadership and advocacy organization connecting those who provide, support and benefit from professional financial planning. FPA demonstrates and supports a professional commitment to education and a client-centered financial planning process. Based in Denver, Colo., FPA has over 100 chapters throughout the country representing more than 28,000 members involved in all facets of providing financial planning services. Working in alliance with academic leaders, legislative and regulatory bodies, financial services firms and consumer interest organizations, FPA is the community that fosters the value of financial planning and advances the financial planning profession. www.FPAnet.org

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Discount Health Insurance Plans In Florida and If There is Ever a Need For Them

Published on 07 July 2009 by echealth in General Health Insurance Articles, Health Insurance Opinion

Things to Be Careful of when Shopping

First if all we live in Florida and our state is home to some of the craziest people who scheme all day about how to get a piece of your money. Now usually I believe its caveat emptor as it is up to you what you buy or don’t buy. But if someone is messing with your health and your ability to get medical care it might be one of the most horrid things a person can do. This does not mean I excuse Bernie Madoff or any other shyster but there is a special place for people who would purposefully mess with your ability to have medical care. A better question would be why are they allowed to sell their schlock in Florida to begin with but that is another article for another time.

I will say in 95% of cases you should never buy a medical discount plan, unless you know exactly what your buying and you have no other choice such as if you can no longer afford but the most basic hospital coverage or if you cannot get approved for any other coverage including all government and local plans, and lastly that you can find one for literally no more then $30 per month then I guess it would be alright. But again these are not necessary and will sometimes hurt you more then help you as they might impede us from getting you a social program through the county, state, or federal government. If you are about to buy a discount plan, unless it is to be paired with an actual health insurance policy with a high deductible (AND EVEN AT THAT POINT YOU SHOULD BE CONCERNED) you should pick the phone and call us at 888-803-5917. If someone is offering you a plan that is $100 or more and is a discount plan in Florida I can tell you to just say no. I have never heard anyone tell me that their discount plan was either good or worth it. (Most people are usually not happy with their actual health insurance policy either but at least we discuss those situations and people are in Washington right now trying to fix it)

The other policies to watch out for specifically would be anything from Health Markets such as Mega, Midwest, and United American. If you have bought one of these policies or any policy not from a carrier that I am about to mention, you should walk or run over to your files and pull out the policy right now. Aetna, Avmed, United/Neighborhood/Golden Rule, Humana, Cigna, Vista, Coventry, Blue Cross Blue Shield of Florida. This is the list of all the carriers that we currently deal with. If you have any other carriers, you should look at your policy and look at the first page and make sure that besides your deductible, and just look at your coinsurance and/or co-pays which is your maximum out of pocket is firstly a definite number and number two a number less then $10,000. If your total exposure is more then $10,000 or if it is not actually spelled out in your policy then usually something is amiss. Many companies will sell you a policy with no defined maximum out of pocket, I could name these carriers but suffice it to say that you should always have a defined moop (maximum out of pocket). Secondly, you should have one annual deductible, not one per incident. And lastly and also very important, there should be no caps on anything except your lifetime maximum which should be at least 1 million but is usually 3-5 million. If you are unsure about your current health insurance carrier then you should call our offices and let us either look at it or tell you about it.

East Coast Health Insurance is one of Florida’s Top Individual Health Insurance Companies. We sell all eight of Florida’s major health insurers and continually add and update our policies. We can be reached for a free consultation @ 888 803 5917.

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Switching Health Insurance Companies In Florida

Published on 05 July 2009 by echealth in General Health Insurance Articles

Guide to Switching Health Insurance Providers

First Know Your Spending Habits

Like any other investment or major purchase, before shopping around for health insurance you should prepare useful and relevant information ahead of time. When shopping for health insurance it is helpful to know as much as possible about what kinds of expenses you need coverage on. Like taking an assessment and inventory of your home before insuring it; you should do the same for the health of yourself and your family. Find out what you are really spending on medical expenses. Gathering the following information will be useful for you when shopping around and your potential insurance providers:

Gather the facts on your current coverage. How much are you paying annually, what is the deductible and what percentage of medical costs are covered after your deductible is reached. Keep this information and a copy of your current insurance policy with you while you are looking at new providers.
Make a list of any medications that you or your dependants are taking. Add up the total cost annually. If these are covered under your current health insurance plan, add separately what your co-pay is and how much it would cost without your insurance.
Determine what routine doctor visits you make throughout the year. Add up their cost with co-pay if they are currently covered and how much they would be without insurance. You can inquire with your doctor about his or her fee for visits if you are uncertain what the cost without insurance would be.
Consider how many unplanned medical appointments you have had for potentially recurring minor illnesses in the last several years. For example, the common cold or flu. Determine an average cost per year on them. Again, if possible list separately the cost with and without insurance.
If you wear contacts or glasses how much do you spend on them a year. How much on lens cleaners and other related medical supplies?
Do you have a medical condition that requires you to rent or purchase medical equipment, like oxygen or a wheel chair? Tally these expenses with coverage and without.
Consider for yourself, how much you can afford “out of pocket” for coverage and deductibles.

Understanding Rates, Deductibles and Coverage

Rates

Your Rate, is the amount of money you pay to a provider for your health insurance policy. Obviously you want to get the most affordable rate you can. However, you should make certain to weigh the affordability of the rate with your income, annual medical expenses, deductible and coverage.

Deductibles

Most insurance policies have a deductible, a set amount of money that you will have to pay out of pocket before the plan’s coverage starts and the insurer begins to share costs. The exact details vary from policy to policy and deductibles have a range. Sometimes, higher deductibles coincide with a greater percentage of coverage, but this is not necessarily always the case.

Coverage

Once your deductible is met, your policy is an agreement by your insurance company to share a percentage of your medical costs. Coverage can range from 100% and down. Sometimes coverage can vary within the policy itself depending on the medical expense, status of the medical situation (preventative, elective, emergency)and the service provider. Regardless of the size of your deductible, it is important to consider your coverage, in particular for emergency and major illness.This is important because unplanned hospital visits can be very costly. Should you be in an accident or have a catastrophic illness even paying 30% of your total bill can difficult or out of reach.

Your Doctor and Medical Records

Your new plan may have a different network from your current one. Before you switch, find out if your primary care physician and other routine medical professionals are a part of a potential provider’s network. If they are not, you might be able to select a policy that will allow you to continue seeing them with your new coverage. However, if a change in insurance is going to mean a change in what medical professionals you see, then you will want to make a note of some specific information so that your medical records can easily follow you. For each medical professional that you have seen or see routinely make a note of the following before changing insurance and seeing someone new:

The providers business name. This is important if it is different from their name.
The providers full name and credentials.
The full address for the provider.
Telephone and fax numbers
Date of your last visit
Current prescribed medications and courses of treatment

Pre-existing Conditions

Insurance providers do have a list of pre-existing conditions that they may not cover. These are certain medical conditions that were covered by a previous insurance provider. Do not be frightened away the term. HIPAA the medical industries governing body has provided certain protections and requirements that insurance providers follow concerning pre-existing conditions. For some conditions and under some policies, there can still be a “waiting period” before the pre-existing condition is covered. The existence of waiting periods and their duration vary from provider to provider. Each provider has their own list of pre-existing conditions. Inquire with your potential provider what conditions are on their list and what the waiting period is for any of the conditions that you might have.

Don’t wait to Switch!

Medical needs and bills do not wait, so gaps in medical coverage can be costly to your health and your finances. Find and obtain a new health insurance policy before your current one runs out.

Get Quotes from Multiple Insurance Providers and Compare Them

As with other major purchases it is always a good idea to shop around and get quotes from multiple providers. Whether you are looking for primary, supplemental or short term coverage, you can get quotes and information from leading health care providers now by selecting the Compare Now button on this site.

health insurance cancellations

Published on 01 July 2009 by echealth in General Health Insurance Articles

A Ruling To Have Long Term Impact on Health Insurance Industry

The morally questionable practice of health insurance companies cancelling coverage after a major illnees or injury is finally going to be addressed by legislation in California. The case is focused on a Cypress county citizen who was dropped from his individual health insurance plan after suffering a major car crash which left him disabled. The issue involves the practice of waiting until a member submits a claim before verifying their medical history and then dropping them for certain factors which they deem make the member ineligible for coverage. Basically, the insurance companies are happy to take someone’s money in the form of premium as long as they do not submit a claim, however once a claim is submitted, they find a way to deny the claim or cancel coverage based on medical history. The outcome of this case would determine if companies have the right to do this, or if there is a limited window of time in which they can verify medical history before premium is collected. In addition, many of the medical conditions insurers site as reason for denial of coverage have nothing to do with the current claim. What are your thoughts on this case? What do you think the outcome will be?

Health Insurance recissions should be outlawed!

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